Analysis Reveals 21% Of Rajya Sabha Candidates Are Billionaires
In an analysis of the financial backgrounds of Rajya Sabha candidates, conducted ahead of the upcoming elections, a detailed portrait of wealth distribution within India's political class has emerged. According to the analysis conducted by the Association for Democratic Reforms based on the affidavits filed by the candidates, out of the 58 Rajya Sabha candidates scrutinised, 12 individuals, constituting 21 per cent of the total, are billionaires. This revelation underscores the considerable concentration of wealth among those seeking political office.
The top three candidates with the highest assets are Congress’ Abhishek Manu Singhvi from Himachal Pradesh, with assets totaling a whopping Rs. 18,72,32,49,466 and an income of over Rs 370 Crore. Singhvi is followed by Samajwadi Party candidate Jaya Amitabh Bachchan and JDS candidate Kupendra Reddy from Uttar Pradesh and Karnataka, respectively. The former’s assets amount to Rs 15,78,88,62,397, the total income amounts to Rs 2,75,38,52,780. Reddy’s total assets are valued at Rs 8,71,72,69,557 and income at Rs 58,03,65,702.
The comprehensive study delves into various aspects, including the prevalence of billionaires, party-wise distribution, state-wise trends, average assets, high asset individuals, low asset candidates, liabilities, and income disclosures.
As per the party-based analysis, the Bharatiya Janata Party (BJP) has 13 per cent of its candidates as billionaires, while the Indian National Congress (INC) boasts of 22 per cent. Regional parties such as YSRCP, SHS, NCP, and JD(S) also feature notable representations among billionaire candidates, with percentages ranging from 33 per cent to a staggering 100 per cent.
Certain states exhibit a disproportionate concentration of billionaire candidates. Uttar Pradesh leads the pack, with 27 per cent of its candidates being billionaires, followed closely by Maharashtra and Andhra Pradesh at 33 per cent and 67 per cent, respectively.
The study unveils that the average assets of Rajya Sabha candidates stand at a staggering Rs. 127.81 crores. However, significant variations exist among different parties, with INC candidates leading the pack with average assets of Rs. 244.50 crores, followed by SP and YSRCP candidates.
In the category of low asset Rajya Sabha candidates, the details of three individuals with the most modest financial holdings are as follows. First on the list is Balyogi Umeshnath from Madhya Pradesh, representing the Bharatiya Janata Party (BJP), with movable assets totaling Rs. 47,39,957 and no immovable assets, bringing his total assets to Rs. 47,39,957.
Second is Samik Bhattacharya from West Bengal, also from the BJP, whose movable assets amount to Rs. 66,22,288 and immovable assets worth Rs. 41,66,666, resulting in a total asset value of Rs. 1,07,88,954. Following closely is Sangita from Uttar Pradesh, another BJP candidate, with Rs. 50,45,581 in movable assets and Rs. 60,24,000 in immovable assets, totaling Rs. 1,10,69,581. Each candidate has provided their PAN details, ensuring transparency in their asset declarations.
A significant number of candidates, 34 out of 58, have declared liabilities, further complicating the financial landscape. The top three candidates with the highest liabilities reveal substantial debt burdens, highlighting the complexities of financial backgrounds. Additionally, income disclosures from Income Tax Returns (ITR) provide insights into the sources and magnitude of candidate incomes.
As the nation gears up for elections, these insights into the financial backgrounds of candidates serve as crucial considerations for voters. The prevalence of billionaires, coupled with disparities in assets, liabilities, and income, underscores the need for greater transparency and scrutiny in the political sphere. With these revelations, voters are empowered to make informed decisions, ensuring accountability and representation in Indian democracy.
